Which term best describes the improvements made to land that affect its economic value?

The term "capital improvements" best describes the enhancements made to land that have a lasting impact on its economic value. Capital improvements refer to significant upgrades or additions that improve the functionality, efficiency, or overall value of a property. These can include infrastructure changes such as the construction of buildings, installation of permanent fixtures, or significant renovations.

Such improvements are essential to consider in property ownership because they not only increase the property’s market value but may also enhance its usability and aesthetics. In many cases, these enhancements are designed to last a long time, thereby contributing to the property’s overall worth over the years.

Other terms, while they might describe different aspects of property attributes, do not encapsulate the lasting nature and economic relevance as accurately. For instance, intangible enhancements could refer to things like brand reputation or location desirability, which do not involve physical changes to the property. Permanent property enhancements may sound similar, but the term 'capital improvements' specifically emphasizes the financial investment aspect involved in upgrading the property. Temporary fixtures refer to additions that can be removed and don’t contribute to long-term value, making them less relevant in this context.

Thus, "capital improvements" is the most accurate term to describe improvements to land that enhance its economic value.